Resources are varied. From the people you’re working with and the equipment they’re using, to the materials and other supplies you need, to even the site where you’re working: it all falls under the umbrella of resources.
Resource allocation is the process of assigning and scheduling available resources most effectively and economically possible. Projects will always need resources but they can often be scarce. The task, therefore, lies with the project manager to determine the proper timing and allocation of those resources within the project schedule.
How to allocate resources for a project?
While resource management isn’t always easy, it is essential. In fact, 83% percent of executives said the allocation of resources was the most critical management lever for growth. In 2021, it was the third biggest project management challenge for businesses.
We have compiled some tips to help you with your resource allocation when managing a project:
1. Determine the scope of your project
Is the project you are working on a big or a small project, long or short term? Once you have these questions answered, then you can make the right decision on what resources you’ll need and how many of them are necessary to complete the project.
2. Identify how many resources you have
Before you can allocate resources, you have to have them. See who’s currently available, what equipment you’re going to need or purchase and where are you going to perform the tasks for this project, and if that space is available.
3. Avoid tunnel vision
It’s a problem when you’re so focused on the process that you neglect to lift your head up from the project plan to note what is actually happening.
Keep in mind the team’s vacation, sick days, and the duration of the lease of the equipment or space. These are important factors you should not forget when scheduling the resources.
4. Plan beforehand
By planning beforehand, you can avoid bottlenecks that trap your resources when you need them most in the course of the project execution. Planning also helps you to prevent your resources from falling short.
5. Know your resources
You can’t manage what you don’t know. You should know what’s the experience and skills of every resource that you’ve tasked or allocated to support the project.
Seamless executions that meet the objectives, budget and timeline are the make or break of any well-thought-out business and marketing plan and we are well aware that this is not an easy task. We have extensive experience in developing, managing and executing complex projects. We’re here to help so you can focus on other parts of your business. Contact us!
